NANO Nuclear Energy Inc. (NNE) Securities Class Action

The litigation is focused on the propriety of claims made by NANO related to its attempts “to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, and (iv) nuclear industry consulting services.”

More specifically, NANO has repeatedly touted its progress towards obtaining the regulatory approvals necessary for commercialization and short timelines for commercial operations, going so far as assuring investors that “our microreactor demonstration work will be conducted between 2024 and 2026, our microreactor licensing application will be processed between 2026 and 2031, and our microreactors will be launched between 2031 and 2032.”   

The complaint alleges that NANO made false and misleading statements and failed to disclose that: (1) its purported progress toward regulatory approval for the design of its planned micro reactors and fuel fabrication plant was non-existent; (2) its timelines for commercialization were wildly optimistic, at best, and most likely impossible; (3) the foregoing issues were likely to have a materially negative impact on its projected revenues and growth; and (4) as a result, its financial position and prospects were overstated.

Investors began to learn the truth on July 19, 2024, when Hunterbrook Media published its investigative report, “Fission Impossible: NANO Nuclear Has No Revenue, No Products, ‘Laughable’ Timelines, Part-Time Executives, And A $600 Million Market Cap.” Hunterbrook reported that an expert called NANO’s timeline “‘frankly laughable’” and that the former head of the Nuclear Regulatory Commission said bringing nuclear microreactors to market between 2030 and 2031 “‘won’t happen.’”  According to Hunterbrook, the Nuclear Regulatory Commission has not even been notified of NANO’s intent to engage in regulatory interactions, seemingly at odds with the company’s claims to have had “constant communications with key U.S. government agencies.”

Since the Hunterbrook report, the price of NANO shares has collapsed.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the NNE securities class action about?

We are investigating whether NANO may have misled investors about its development progress, the viability of its timeline, and its business prospects.

WHAT SHOULD I DO?

I worked at NNE. What should I do?

If you were an employee of NNE, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in NNE, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any NNE investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.